Considerations for Buying Malibu Condos
For some people, buying a condo has distinct advantages over buying a traditional home. Many Malibu condos for sale have amenities such as beach access, swimming pools, landscaping services and included utilities that traditional homes just don’t offer. Anyone considering a condo purchase should keep the following in mind.
Extra amenities can make life much easier and more convenient for condo buyers. Before buying a condo, ask how many parking spaces come with the property. If you plan to live with a spouse or significant other, a condo with just one parking space may not meet your needs. When you take a tour of the property, check the condition of any common areas. Look for worn carpeting, flooring defects, poor lighting, lack of maintenance and other issues. These problems can decrease the value of a condo and may even pose a safety hazard to residents.
Location is one of the most important considerations when buying real estate. The Malibu real estate market is no exception. You should determine how long the commute will be from your condo to your workplace. If you have kids, the condo should be a reasonable distance away from their school. You should also consider how far the condo is from pharmacies, grocery stories, entertainment venues, parks, hospitals and banks.
Assessing Condo Units
Once you’ve determined that the building is in a suitable location and has your desired amenities, you need to look at several different units to determine which one is right for you. Ask the condo representative to look at the floor plans for each available unit, as some buildings offer several different layouts. Choose the layout that has enough room for you to live comfortably. Check each unit to see if the previous owner made improvements and maintained the unit properly. If cleaning or improvements are needed, keep this in mind when making an offer. View is another important consideration for condo buyers. If the condo has a great view, but it’s on the second or third floor of the building, future construction could obstruct the view.
Benefits of Condo Ownership
Owning a condo has benefits similar to those enjoyed by people who own Malibu beach homes. Rental fees can change unpredictably, increasing the cost of living for those who rent apartments and single family homes. Some changes can occur in the costs of condo ownership, especially if property taxes or insurance fees increase, but these changes are usually gradual. If you maintain your condo properly, it may increase in value over time. You will benefit from this appreciation if you decide to sell the condo in the future. Owning a condo also has tax advantages that can reduce your annual tax bill. As a condo owner, you can deduct the amount of interest paid on your mortgage from your taxes. You can also deduct the amount of money you paid for property taxes.
With all of the benefits available to condo owners, purchasing a condo unit can be a smart investment. Working with an experienced real estate agent can help you find the best condo for your needs and buy it for a fair price.
Russell Grether of Coldwell banker Previews International is a real estate agent based out of Malibu, CA. He specializes in Malibu real estate, Malibu homes for sale, Malibu properties, Malibu land for sale, Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades.